Trading plan for USDJPY for November 18, 2020

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Technical outlook:

USDJPY had rallied from 103.18 through 105.65 levels over the last week before pulling back. The currency pair is seen to be trading around the 104.00 levels at the time of writing and is expected to move higher anytime soon. Immediate support is seen towards 103.18 while resistance is around 106.00, followed by 107.00 levels respectively. The overall structure remains bullish until prices stay above the 101.18 levels, ideally 103.18 is also expected to hold from here on. Also note that USDJPY is trading near the fibonacci 0.618 retracement of the above rally (104.13), hence high probability remains for a bullish reversal from here. Looking at the larger boundary, USDJPY bulls should remain poised to push through the 111.75 levels in the next several weeks to come.

Trading plan:

Remain long, stop @ 103.00, target @ 107.00, 109.50 and 110.00

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com